MN Historic Tax Credit Report Released!

On November 21st, the Minnesota State Historic Preservation Office (SHPO) has released their Historic Rehabilitation Tax Credit Report showing the economic impact of the first year of this incentive.

Revitalizing communities, stimulating job growth and increasing the tax base are the goals of the Minnesota Historic Rehabilitation Tax Credit, which was signed into law in April 2010. A report to the State Legislature about the economic impact of projects leveraged by the first year of the tax credit is now ready, and it shows a bright spot in an otherwise challenging economic landscape.

The report describes job creation benefits, particularly within the construction industry, as well as educational and community-building aspects of preserving our historic past.

The report is available online at www.mnhs.org/taxcredit.

The Minnesota Historic Rehabilitation Tax Credit allows for eligible property owners to receive a state income tax credit of up to 20% of qualifying expenses or a grant in lieu of the credit. The state tax credit works in combination with a federal 20% tax credit. In the first year of the credit, which ended June 30, 2011, 14 projects received approval, including the Emerge Career & Technology Center. (Additional projects outside the scope of the report are underway.)

The report was prepared by the University of Minnesota Extension Center for Community Vitality.

MN Historic Rehabilitation Tax Credit The Program At-A-Glance – November, 2011
MN Historic Rehabilitation Tax Credit as Job Creation
MN Historic Rehabilitation Tax Credit Program as Economic Development

Comments Closed